EX-12.2 4 d95833a1ex12-2.txt COMPUTATION OF RATIO OF EARNINGS - COMBINED EXHIBIT 12.2 PROLOGIS COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (DOLLAR AMOUNTS IN THOUSANDS)
THREE MONTHS ENDED MARCH 31, YEAR ENDED DECEMBER 31, ----------------------- ---------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 ---------- ---------- -------- -------- -------- -------- -------- Net Earnings from Operations $ 56,469 $ 60,872 $236,221 $161,570 $102,936 $ 38,832 $ 79,384 Add: Interest Expense 41,522 41,986 172,191 170,746 77,650 52,704 38,819 ---------- ---------- -------- -------- -------- -------- -------- Earnings as Adjusted $ 97,991 $ 102,858 $408,412 $332,316 $180,586 $ 91,536 $118,203 ========== ========== ======== ======== ======== ======== ======== Combined Fixed Charges and Preferred Share Dividends: Interest Expense $ 41,522 $ 41,986 $172,191 $170,746 $ 77,650 $ 52,704 $ 38,819 Capitalized Interest 5,904 4,183 18,549 15,980 19,173 18,365 16,138 ---------- ---------- -------- -------- -------- -------- -------- Total Fixed Charges 47,426 46,169 190,740 186,726 96,823 71,069 54,957 Preferred Share Dividends 11,432 14,405 56,763 56,835 49,098 35,318 25,895 ---------- ---------- -------- -------- -------- -------- -------- Combined Fixed Charges and Preferred Share Dividends $ 58,858 $ 60,574 $247,503 $243,561 $145,921 $106,387 $ 80,852 ========== ========== ======== ======== ======== ======== ======== Ratio of Earnings, as Adjusted to Combined Fixed Charges and Preferred Share Dividends 1.7 1.7 1.7 1.4 1.2 (a) 1.5 ========== ========== ======== ======== ======== ======== ========
(a) Due to a one-time, non-recurring, non-cash charge of $75.4 million relating to the costs incurred in acquiring the management companies from a related party earnings were insufficient to cover combined fixed charges and preferred share dividends for the year ended December 31, 1997 by $14.9 million.